The talk of the summer has been the Taylor Swift Eras Tour at Wembley Stadium, where over 8 nights the 34-year pop sensation would have generated a minimum of £300 million to the UK economy.
With more than 700,000 people in attendance during the Wembley leg of the tour, the combination of ticket sales, hotel bookings, transport, food and merchandise has added significant value to the British economy.
The report, carried out by financial experts, Lending Expert, showed that Taylor Swift generated huge attention and interest, not just domestically but also internationally, with fans coming from all over Europe and the world to attend her shows.
Despite the cost of tickets often ranging in the hundreds or thousands of pounds, some fans, known as “Swifties,” traveled abroad to France or the Netherlands to pay a fraction of the price, but paying for flight tickets and transport, which inadvertently helps the UK economy.
The report was made in connection with data from the UKInbound’s Tourism Statistics for 2018, which showed that, excluding day visits, each domestic and international tourist to the UK generated about £396 to the UK economy in 2018.
Adjusted for inflation (using Consumer Price Index including Housing) this would translate to £471 in 2023. This figure was multiplied by 640,000 – a conservative estimate on the expected audience at Wembley Stadium across the gigs, which totals to £301 million. However, sources expect this figure to be significantly higher.
This is not the first time that a musician has had a big impact on the UK economy, with sources revealing that Beyonce’s tour last year contributed towards UK inflation.
David Beard of Lending Expert commented: “It is quite remarkable the impact of Taylor Swift’s Eras tour on the UK economy and its hospitality and travel industries. With a nation still somewhat recovering from the effects of Covid and Brexit and continued hikes in interest rates, this injection of cash is very welcomed.”
“Taylor Swift benefits from being the only real headliner in terms of gigs this summer, with Ed Sheeran and Beyonce’s major tours taking place last year and the year prior, so being the standout performer has only added to the hype.”
“This tour coupled with England’s run to the Euro 2024 final has seen a prosperous summer for the UK financial economy, only hoping that the newly elected government can bring the UK out of its financial crisis, lower interest rates and get the nation back on track.”
Many fans have enjoyed the tour which is still continuing, with the pop princess having a photo snapped with Prince William and his children.
